Olivier Wang

New York University

Contact

Projects

Grants

Working Papers & Related Search

Date:

Explore Research

7 results found
|
Show: results
New This Week
Nature Loss and Climate Change: The Twin-Crises Multiplier
January 2025 - Working Paper33361
Author(s) - Stefano Giglio, Theresa Kuchler, Johannes Stroebel & Olivier Wang
We study the economic effects of the interaction of nature loss and climate change in a model that incorporates important aspects of both processes. We capture the distinct ways in which they affect economic activitywith nature constituting a key factor of production and climate change destroying...
Strategic Commitments to Decarbonize: The Role of Large Firms, Common Ownership, and Governments
January 2025 - Working Paper33335
Author(s) - Viral V. Acharya, Robert F. Engle III & Olivier Wang
We study how government policies and corporate commitments to decarbonize interact under two externalities: environmental damages and green innovation spillovers. Unconstrained carbon taxes and innovation subsidies could achieve first-best outcomes, but when government policies face constraints,...
The Economics of Biodiversity Loss
July 2024 - Working Paper32678
Author(s) - Stefano Giglio, Theresa Kuchler, Johannes Stroebel & Olivier Wang
We explore the economic effects of biodiversity loss by developing an ecologically-founded model that captures how different species interact to deliver the ecosystem services that complement other factors of economic production. Aggregate ecosystem services are produced by combining several non...
Deposit Franchise Runs
April 2023 - Working Paper31138
Author(s) - Itamar Drechsler, Alexi Savov, Philipp Schnabl & Olivier Wang
We model a new type of bank run, a deposit franchise run. Banks pay below-market rates on deposits, which makes the deposit franchise a valuable asset. For a bank to keep this value, deposits must stay in the bank; if they leave, their value is lost to the bank. This makes the deposit franchise a...
Zombie Lending and Policy Traps
December 2021 - Working Paper29606
Author(s) - Viral V. Acharya, Simone Lenzu & Olivier Wang
We build a model with heterogeneous firms and banks to analyze how policy affects credit allocation and long-term economic outcomes. When firms are hit by small negative shocks, conventional monetary policy can restore efficient bank lending and production by lowering interest rates. Large shocks,...
Let the Worst One Fail: A Credible Solution to the Too-Big-To-Fail Conundrum
December 2021 - Working Paper29560
Author(s) - Thomas Philippon & Olivier Wang
We study time-consistent bank resolution mechanisms. When interventions are ex post efficient, a government cannot commit not to inject capital into the banking system. Contrary to common wisdom, we show that the government may still avoid moral hazard and implement the first best allocation by...
Dynamic Oligopoly and Price Stickiness
July 2020 - Working Paper27536
Author(s) - Olivier Wang & Iván Werning
How does market concentration affect the potency of monetary policy? The ubiquitous monopolistic-competition framework is silent on this issue. To tackle this question we build a model with heterogeneous oligopolistic sectors. In each sector, a finite number of firms play a Bertrand dynamic game...
Show: results